Eddy v. Phœnix Mutual Life Insurance

The policy in suit purports to be a “paid up” policy in lieu of policy No. 39,135, issued Sept. 24, 1869. The contract set forth in the policy is, that in consideration of 1480.25 paid, and of the annual payment of interest on four notes on or before the eleventh day of November in every year during the continuance of the policy, the company insure the life of James O. Eddy in the amount of $500, which the company agree to pay according to the terms of the policy, “ any indebtedness to the company on account of this policy being first deducted therefrom.” The policy contains the following…